44,000 Shares in Arista Networks, Inc. (NYSE:ANET) Purchased by one8zero8 LLC

one8zero8 LLC purchased a new position in Arista Networks, Inc. (NYSE:ANET) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 44,000 shares of the technology company’s stock, valued at approximately $4,863,000. Arista Networks makes up 1.0% of one8zero8 LLC’s investment portfolio, making the stock its 19th largest holding.

A number of other hedge funds also recently bought and sold shares of the company. Zions Bancorporation N.A. lifted its stake in Arista Networks by 6.9% during the 3rd quarter. Zions Bancorporation N.A. now owns 417 shares of the technology company’s stock valued at $160,000 after acquiring an additional 27 shares during the period. OneDigital Investment Advisors LLC lifted its stake in Arista Networks by 4.9% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 4,421 shares of the technology company’s stock valued at $1,697,000 after acquiring an additional 207 shares during the period. Intellectus Partners LLC lifted its stake in Arista Networks by 1.4% during the 3rd quarter. Intellectus Partners LLC now owns 1,927 shares of the technology company’s stock valued at $740,000 after acquiring an additional 27 shares during the period. CIBC Asset Management Inc lifted its stake in Arista Networks by 9.3% during the 3rd quarter. CIBC Asset Management Inc now owns 39,140 shares of the technology company’s stock valued at $15,023,000 after acquiring an additional 3,322 shares during the period. Finally, Valley Wealth Managers Inc. lifted its stake in Arista Networks by 52.0% during the 3rd quarter. Valley Wealth Managers Inc. now owns 3,477 shares of the technology company’s stock valued at $1,335,000 after acquiring an additional 1,190 shares during the period. Institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

ANET stock opened at $83.58 on Friday. Arista Networks, Inc. has a 1-year low of $60.08 and a 1-year high of $133.58. The company has a market capitalization of $105.41 billion, a price-to-earnings ratio of 37.65, a PEG ratio of 3.10 and a beta of 1.08. The business has a 50 day simple moving average of $105.75 and a two-hundred day simple moving average of $101.82.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. Sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ANET shares. UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and upped their price target for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. Citigroup upped their price target on shares of Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. Rosenblatt Securities reaffirmed a “sell” rating and set a $80.00 price target on shares of Arista Networks in a research report on Tuesday, February 18th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $108.00 price target (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus target price of $114.00.

Insiders Place Their Bets

In other news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,101,013.60. This represents a 86.04 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jayshree Ullal sold 138,351 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, the chief executive officer now owns 92,641 shares of the company’s stock, valued at $8,697,137.08. This represents a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 491,001 shares of company stock worth $49,112,111 in the last three months. 3.54% of the stock is owned by company insiders.

About Arista Networks

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.